PGIM Real Estate has launched a partnership with Warburg Pincus-backed New Ease China to purchase logistics assets in China for US$323m (€264m).
PGIM Real Estate said the transactions were undertaken on behalf of the firm’s Asia-Pacific core-plus investment strategy and its Asia-Pacific value-added strategy.
The first asset is a Nanjing warehouse complex, comprising 10 warehouses, developed by New Ease China. It will continue to co-own and manage the asset.
PGIM has also formed a partnership with the Shanghai-based Chinese company to acquire and develop warehouses in Shanghai and Langfang for its PGIM Real Estate Asia-Pacific value-add strategy.
Benett Theseira, PGIM Real Estate’s head of Asia-Pacific, said: “The properties are a significant boost to our regional portfolio due to their optimal locations and long lease tenures.
Sun Dongping, founder and chairman of New Ease China, said launch of the partnership demonstrated “our capability and track record” of developing best-in-class, strategically-located industrial and logistics facilities in prime locations across China.
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